2. Segregation of Duties
• Cash handling operations must be subject to daily
supervisory review. To minimize the potential for mistakes
or misappropriation of cash, the segregation of cash
handling duties is recommended.
• The components of cash handling, collection of funds,
deposit preparation and reconciliation should be separated
among different individuals.
• In departments where the separation of duties is not
feasible, strict individual accountability and thorough
management supervision and reconciliation review is
required.
3. Written Departmental Procedures
• In addition to the cash handling procedures, it is highly
recommended that each department who handles cash have its
own specific procedures.
• Departmental procedures establish proper compliance with the
University Cash Handling Procedures ensuring accountability
and protects employees from inappropriate charges of
mishandling funds by outlining responsibilities.
• Written procedures should minimally include the authorization of
person(s) to collect cash; maintenance of cash receipt records;
security and reconciliation of cash; preparation, approval, and
depositing cash within the Bursar’s Office; over/short
procedures; and a procedure to notify the appropriate
campus authority in the event of a loss.
4. Safekeeping
• Departments handling cash are responsible for the safekeeping of these
University assets. Physical security should be emphasized to every
employee involved in cash handling.
• Cash should NEVER be left unsecured.
• During hours of operation, areas where cash is handled must be
restricted. During all other times, cash should be kept in a secured
device or location until deposited.
• If a safe location is not available within the department, the cash and
receipts should be brought to the Bursar/Cashier Office on campus for
safekeeping.
• Under no circumstances should an individual keep University funds with
their own personal funds, deposit funds in a personal bank or take funds
home.
5. Responsibility Overview
• It is the responsibility of all personnel who handle, or supervise those who
handle cash for the University, to be familiar with University and
departmental cash handling policies and procedures.
• Sustain appropriate safekeeping of University revenue at all times and
maintain current and accurate records.
• Make deposits in a timely manner and within the guidelines of the policy.
• Perform monthly general ledger reconciliations. Accounting Services and
Business Office can provide training if needed.
• Track all overages and shortages.
• Do not refund monies from cash receipts.
• Transaction revenue may not be used to reimburse employees for out-of-
pocket expenses.
6. Receipting Revenues
• University departments that collect cash must have an
established departmental procedure for documenting all
receipts.
• Computer generated receipts, cash register receipts/reports,
or sequentially numbered receipts, receipt books, tickets or
invoices are acceptable forms of documentation.
• Receipt documentation should include:
– Date of payment
– Payer’s name
– Amount of payment
– Method of payment
– Purpose of payment
7. Receipting Revenues; cont.
• With prior approval by the Bursar, departments who receive large
volumes of checks by mail may document their receipt by creating
a spreadsheet which contains the information outlined above.
• The check number, date of receipt and the amount must be noted
on the face of the deposit transmittal received with the payment.
The spreadsheet must be reconciled to the payments received.
• Issue a temporary receipt for all cash transactions. Receipt books
are issued by the Business Office.
• Deposit Transmittals must have the deposit code and supervisory
signatures.
• The daily deposit of all transactions is strongly encouraged.
Deposits must be made at the Business Office within 5 calendar
days.
8. Cash Receipts, Receipt Books, Invoices
or Cash Registers
• The Business Office will issue receipt books to departments that
are sequentially numbered and are in triplicate form. Receipt
books must be stored in a secure location and strictly used in
sequential order.
• All receipts, invoices or register transactions, including those that
are voided, MUST be accounted for.
• For each deposit, the daily starting and ending receipts, invoice
numbers or cash register readings supporting the daily
transactions deposited should be noted on the deposit transmittal
form. The receipts should reconcile to the deposit.
• All receipt books no longer utilized should be returned to the
Business Office.
9. Check Acceptance
• Every check must be restrictively endorsed upon receipt. The Business Office will supply “deposit
only” stamps.
• Personal Check - A written order payable on demand, drawn on a bank by a depositor; a personal
check is written against an individual's funds as opposed to a cashier's check, certified check, money
order, or traveler's check, all of which are written against bank funds.
• Cashier's Check - A check purchased at a bank for any amount; the bank completes all information on
the face of the check with a bank officer signing as the maker.
• Money Order - An item purchased at a bank, post office, or other business establishment. The bank
completes only the amount information.
• Certified Check - A personal check guaranteed by the bank; the check is stamped "certified" and
signed by a bank officer.
• Traveler's Check - A special check supplied by banks or other companies for the use of travelers;
these checks already bear the purchaser's signature and must be countersigned in the cashier's
presence.
• Starter Check - A non-personalized encoded check that a person receives from a bank when they
establish a checking account. Starter checks should only be accepted if the encoded routing number
and account number appears on the bottom of the check. Make sure name, address and telephone
number are noted on the check.
• No foreign checks accepted.
10. Preparing and Making the Deposit
• It is the responsibility of the department to accurately count all currency and checks
collected. It is recommended that a second individual recount the currency and
checks before completing the deposit.
• A Deposit Transmittal Form must be completed with the appropriate detail code and
submitted to the Cashier's Office with each deposit. Supervisory signature is required
on all deposit forms.
• All currency must be separated by denomination and presented face up and facing
the same direction. A calculator tape or spreadsheet should be included with the
breakdown of the amounts for each denomination. Coins should be counted and
secured in an envelope with the enclosed amount noted. Temporary receipts for cash
should be attached to deposit unless cash register reports are being utilized.
• All checks must face the same direction for expediting the verification. A calculator
tape or spreadsheet should be prepared to determine the total amount of checks
being deposited.
• Hand deliver deposit to the Business Office. Always transport in locked bag, sealed
envelope or disposable deposit bags.
11. Accepting Credit Cards
• Departments that wish to accept credit cards as a method of payment must
submit a request to the Bursar for guidance and approval. Departments will be
responsible for any bank charges associated with credit card processing.
• Departments wishing to establish an online payment site using Touchnet’s uPay
portal should contact Financial Systems for an application. Departments will be
responsible for any bank charges associated with credit card processing.
• Email and fax is not to be used to transmit credit card information.
• Credit card or electronic payment information shall never be stored on portable
storage devices such as flash drives, disks, laptop computers or other portable
digital device.
• Charge cards shall be accepted for no more than the amount of purchase.
• Specialized training for processing credit card transactions (dependent on the
processing method utilized by the department) will be conducted by the Bursar.
